China cancels tax rebate for stainless steel products, stainless steel product prices are bullish
April 28, 2021, the Ministry of Finance and the State Administration of Taxation issued a notice, since May 1, 2021, the cancellation of some steel products export tax rebate, which involves the cancellation of stainless steel products of the export volume accounted for more than 80% of the total export.
The export tax rebate rate of stainless steel products was reduced from 13% to 0%, involving a total of 53 stainless steel products, covering almost all categories of stainless steel, including coil, narrow band, profiles and pipes (except billet).
China is the world’s largest producer and exporter of stainless steel, stainless steel exports account for 15% of the total production, the cancellation of the tax rebate of stainless steel products in China, compressed exporters’ profit margins, may lead to domestic stainless steel exporters to increase prices, leading to the price of Stainless Steel Products. www.widesteel.com